* MSCI World index hits record
* U.S. stocks hold near unchanged mark
* Dollar lower for fifth straight session (Updates with close of European markets)
By Chuck Mikolajczak
NEW YORK, Nov 18 (Reuters) - A gauge of global shares hit a record for a third straight day while the dollar moved off earlier lows on Wednesday as further positive COVID-19 vaccine news helped temper concerns about rising infection rates and related economic damage.
On Wall Street, Pfizer (NYSE:PFE) PFE.N shares gained 1.50% after the drugmaker said its COVID-19 vaccine was 95% effective and the company would apply for emergency U.S. authorization within days. announcement came on the heels of a similar report from Moderna's on the effectiveness of its vaccine. the three major averages held near the unchanged mark, Boeing (NYSE:BA) climbed 0.47% after the U.S. Federal Aviation Administration ended the flight ban on the planemaker's 737 MAX jet. with many major equity indexes at or near record levels, analysts caution additional stimulus measures are needed to buttress the economy until a vaccine can be widely distributed.
"What we are dealing from a virus standpoint is front and center, it is right in our faces, and the vaccine brings a level of optimism that is no doubt positive from a humanity standpoint as well as the markets," said Keith Buchanan, senior portfolio manager at Globalt in Atlanta.
"But where we go from here to when those vaccinations can actually hit the ground and be considered widespread is causing some concern."
A report on U.S. homebuilding showed the housing market continues to be a bright spot even as other parts of the economy are showing signs of strain from rising coronavirus cases. Dow Jones Industrial Average .DJI fell 8.4 points, or 0.03%, to 29,774.95, the S&P 500 .SPX lost 0.98 points, or 0.03%, to 3,608.55 and the Nasdaq Composite .IXIC added 17.16 points, or 0.14%, to 11,916.50.
After a sluggish start, European shares closed higher as vaccine optimism and a round of takeover deals helped offset concerns over fresh lockdown measures to slow the spread of the virus in the region. pan-European STOXX 600 index .STOXX rose 0.44% and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 0.18%, touching an intraday record for a third consecutive session.
While the U.S. dollar moved off its earlier lows following the housing data, the greenback was still on pace for its fifth straight decline as the Pfizer news gave investors an appetite for some risk taking. dollar index =USD fell 0.153%, with the euro EUR= up 0.03% to $1.1865.
The weaker dollar also helped lift the pound, along with hopes Britain will be able to secure a post-Brexit trade deal with the European Union before its departure from the EU's customs union and single market in January. Sterling GBP= was last trading at $1.3287, up 0.35% on the day. 10-year notes US10YT=RR last fell 4/32 in price to yield 0.8832%, from 0.872% late on Tuesday.
The increased risk appetite on the vaccine news also helped oil prices advance, along with hopes OPEC and its allies will delay a planned increase in oil output. crude CLc1 rose 1.59% to $42.09 per barrel and Brent LCOc1 was at $44.61, up 1.97% on the day.
Safe haven gold XAU= , meanwhile, dropped 0.3% to $1,872.86 an ounce.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ COVID-19
https://tmsnrt.rs/3lKwe14 COVID-19 Global Tracker COVID-19 Global Tracker
https://tmsnrt.rs/2FkV6wq U.S. retail sales
https://tmsnrt.rs/2Uz7jkY Housing starts
https://tmsnrt.rs/35Hs98j
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